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GM earnings rise 1% as buyers pay more for popular pickups

DETROIT — General Motors said Thursday that higher prices for popular pickup trucks and SUVs helped overcome slowing global sales and profit rose by 1% in the second quarter. The Detroit automaker said it made $2.42 billion, or $1.66 per share, from April through June. Adjusting for restructuring costs, GM made $1.64 per share, blowing by analyst estimates of $1.44. Quarterly revenue fell 2% to $36.06 billion, but still beat estimates. Analysts polled by FactSet expected $35.97 billion. Global sales fell 6% to 1.94 million vehicles led by declines in North America and Asia Pacific, Middle East and Africa. The company says sales in China were weak, and it expects that to continue through the year. In the United States, customers paid an average of $41,461 for a GM vehicle during the quarter, an increase of 2.2%, as buyers went for loaded-out pickups and SUVs, according to the Edmunds.com auto pricing site. The U.S. is GM's most profitable market. Chief Financial Officer Dhivya Suryadevara said she expects the strong pricing to continue, especially as GM rolls out a diesel pickup and new heavy-duty trucks in the second half of the year. "We think the fundamentals do remain strong, especially in the truck market," she said, adding that strength in the overall economy and aging trucks now on the road should help keep the trend going. Light trucks accounted for 83.1% of GM's sales in the quarter, and pickup truck sales rose 8.5% as GM transitioned to new models of the Chevrolet Silverado and GMC Sierra, according to Edmunds, which provides content to The Associated Press. As usual, GM made most of its money in North America, reporting $3 billion in pretax earnings. International operations including China broke even, while the company spent $300 million on its GM Cruise automated vehicle unit. Its financial arm made $500 million in pretax income. Suryadevara said GM saw $700 million in savings during the quarter from restructuring actions announced late last year that included cutting about 8,000 white-collar workers through layoffs, buyouts and early retirements. The company also announced plans to close five North American factories, shedding another 6,000 jobs. About 3,000 factory workers in the U.S. whose jobs were eliminated at four plants will be placed at other factories, but they could have to relocate. GM expects the restructuring to generate $2 billion to $2.5 billion in annual cost savings by the end of this year.

Least reliable cars and trucks of 2022

Related: Most reliable cars and trucks of 2022   Every year, Consumer Reports ranks new cars based on their predicted reliability. We often see Toyota, Lexus, and a few other automakers near the top. But on the other side of the coin, the list of least reliable vehicles sometimes contains surprises.   The organization surveys its members to determine the vehicles that exhibited the most problems over the prior year. Owners are asked about creaks and rattles, the durability of parts and trim, and mechanical issues. Consumer Reports assigns a weight to each problem and then uses them to create a score, with 100 being the best. Some familiar names appear on the list of least reliable vehicles (in order with the lowest predicted reliability score at the top), but there are a few eyebrow-raising models, followed by CR's score: Ford F-150 Hybrid: 4 Hyundai Kona Electric: 5 Lincoln Aviator: 8 Nissan Sentra: 9 Ford Explorer: 16 Chevrolet Bolt: 17 Chevrolet Silverado 1500/GMC Sierra 1500: 19 Jeep Gladiator: 21 Mercedes-Benz GLE: 23 Jeep Wrangler: 24 Consumer Reports noted that sedans are the most reliable vehicle category and found that trucks are far lower on the list. That said, the survey showed that trucks from American brands tended to have better reliability scores, so it’s surprising to see GMÂ’s big two and the Ford F-150 on the list. Part of their problematic ownership experience could be due to the fact that all three trucks have received recent updates, and the Ford was completely redesigned for 2022. New tech, fresh drivetrain components, and other improvements can upset the balance of reliability and make newer models look less dependable than their older counterparts. Related video: Green Chevrolet Ford GMC Hyundai Jeep Lincoln Mercedes-Benz Nissan Car Buying Truck Crossover Hatchback SUV Electric Hybrid Sedan Consumer Reports reliability

Recharge Wrap-up: Chevy Volt CarPlay video, Tesla Supercharger importance

A video demonstrates Apple CarPlay on the touch display in the next-generation Chevrolet Volt. The Volt's eight-inch (bigger than an iPad Mini) capacitive display is capable of putting Siri and your iPhone apps and right at your fingertips. It's "the best CarPlay display I've seen," says the user in the video. In case you're not in the market for a new Volt, 9to5Mac offers some of its favorite aftermarket CarPlay screens. See the video above, and read more at 9to5Mac. A single Supercharger can make a big difference in the life of a Tesla owner. Teslarati's Electric Jen talks about purchasing a Model S, being assured by both Tesla employees and the map of planned Supercharger sites that one would be built along an important route for her. With the construction being pushed back, it made visiting family tricky. "As if owning such a grand car isn't embarrassing enough, asking for a ride to drop off and pick up said car because you can't make it home without charging really made me feel awkward," she says. "You see, one single charging location can mean the world to some people," Jen adds. Read the whole article at Teslarati. Tesla once had considered creating mobile range extender trailers for the Model S. Elon Musk touched upon the abandoned idea during his visit to Paris. While Tesla ultimately dismissed the concept, Nomadic Power has taken the opportunity to hitch their product onto the Tesla brand. "We are delighted, that Tesla Motors' CEO Elon Musk is thinking about a concept like ours for even more extending the range of the Tesla models," says Nomadic Power's CEO Manfred Baumgaertner. He adds, "This confirms our approach to build a long distance mobility provider for all electric vehicles on the market." If you say so, Baumgaertner. Read more from International Business Times, and in the press release below. Renault is giving its EV batteries a second life through Connected Energy's E-STOR. When the batteries have degraded to the point that they're no longer suitable for use on the road, they still have a significant capacity that can be used for other purposes. Still useful for stationary storage, they can be used to support charging sites in order to allow for faster charging. The stationary batteries can charge slowly at the site, but then offer up the juice in a hurry when it's needed for a vehicle. Read more from Renault.